Should You Buy A Dental Practice Or Not?

Should You Buy A Dental Practice Or Not?

Sep 19, 2018

So you’ve just finished your long years of dental school, applied for residency in your desired location, and now you’re thinking “what next?” Well firstly congratulations, you’ve made it. Now, if you’re considering whether to buy your dental practice or work in a public office, there are some things to be aware of, as this is a major investment.

Why Do You Want To Buy A Dental Practice?

Here are some questions you should consider before you start swiping credit cards and writing cheques.

  • Are you looking to improve your skills?
  • Can you build up a steady clientele and deliver satisfactory results?
  • How much competition are you expecting?
  • Are you confident enough that you’ll beat that competition?
  • How long will you be in the community that you are establishing your practice?
  • Do you have a trusted staff you can bring with you? Or will you be hiring certified strangers to work in your office?
  • What are you willing to do to stand out from the crowd?

Financial Options and Considerations

I’m more than 100% sure that all of you reading this are aware of the expenses needed to buy a new dental practice. Banks have made reports of loan requests for amounts of $270,000-$350,000. These numbers also include student loans and living expenses for the initial years of startup for the dentist. When taking these numbers into account graphing it against income efficiency, it can be estimated to take two years before a decent pace of production is established.

There are cheaper options, such as buying a practice that is already producing a satisfactory income. The income from the dental practice will eventually balance out when matched to the living expenses of the dentist.

Consultation Options For Buying A Dental Practice

If you’re looking to buy a new dental practice or even upgrade your current one, seek consultation from Houston dental consulting. We also provide job opportunities for upcoming dentists and purchase options for those looking to purchase an office. Contact us by phone or online for any additional info needed.